Business Directories

DP World container volumes down 7pc in Q1

Dubai, April 25, 2013

DP World, one of the world's largest port operators, handled 12.8 million TEU (twenty-foot equivalent container units) across its global portfolio in the first quarter, seven per cent lower than the same period last year mainly due to lower volumes in the Asia Pacific and Indian subcontinent region and the Europe, Middle East and Africa region.

Commenting on the results, DP World chairman Sultan Ahmed Bin Sulayem said, "As we indicated at the time of our preliminary results, operating conditions in the first quarter of 2013 have remained challenging and have been broadly similar to those experienced in the fourth quarter of last year."

"DP World handled 12.8 million TEU (twenty-foot equivalent units) across its global portfolio in the first quarter of 2013. Whilst this was seven per centlower than last year, when adjusted for the divestments and monetisation across our portfolio, the decline was 3.5 per cent on a like for like basis," stated Bin Sulayem.

He pointed out that the decline in gross container volume was maindly due to the lower volumes in the Asia Pacific and Indian Subcontinent region and the Europe, Middle East and Africa (EMEA) region.

"In the Asia Pacific and Indian Subcontinent region we continue to focus on handling a smaller number of higher margin containers, while our European and Middle East businesses continue to operate in a challenging macro environment," explained Bin Sulayem.

"Within this region, our UAE facilities handled 3.1 million TEU. These volume declines were mitigated by a better performance from our terminals in the Americas and Australia region," he added.

According to him, DP World’s portfolio of consolidated terminals handled 6.2 million TEU during the first quarter, down 6.4 per cent when compared with the same period last year. "On a like for like basis, consolidated volumes declined 5.1 per cent.

“Despite a continuation of subdued markets at the start of 2013 and notwithstanding the challenging macroeconomic conditions, we still expect like for like container throughput in line with 2012 with our portfolio focused on the faster growing emerging markets and more stable origin and destination cargo," stated Bin Sulayem.

On the 2013 outlook, the DP World chief said, “We are confident of our growth prospects. With this in mind, we remain focused on developing the significant new capacity which is due to be operational later this year.”

A major player in the maritime industry, DP World has a portfolio of more than 65 marine terminals across six continents, including new developments underway in India, Africa, Europe, South America and the Middle East.-TradeArabia News Service